To protect the ecologically fragile coastal resources of south Florida by prohibiting offshore oil and gas activities and by cancelling Federal leases in the area of the Outer Continental Shelf adjacent to the south Florida coast.

Prohibits the Secretary of the Interior from conducting lease sales, or permitting exploration, production, or drilling activities under the Outer Continental Shelf Lands Act in a certain area in the Eastern Gulf of Mexico Planning Area. Cancels all leases under such Act in such area.

Prescribes Federal compensation guidelines for holders of such cancelled leases. Declares that the State of Florida shall not be required to provide any compensation for cancelled leases.